A Slow Down, Means more Hustle in 2023
As a pharmaceutical industry motivational sales speaker, I understand that statistics can be misleading.
According to the latest pharmaceutical industry projections, in 2023 the U.S. industry’s share of the entire industry’s sales worth should be in excess of $685 billion with a nearly 44-percent market share. However, not all of that information reveals the true picture of what to expect. The entire industry is worth $1.5 trillion and clearly, mega-trends are occurring within that huge framework.
In 2023, there will be an expected tightening and controlling of pricing, insurance obstacles, healthcare provider shortages, a decline in the pricing of generic drugs and with it, an expected reduction in research and development expenditures in certain sectors. Obviously, reduced R&D expenditures in certain areas will yield a ripple effect.
However, there are always contradictions. Sales teams should anticipate that with this overall tightening in more “traditional areas” are other trends expected to challenge sales reps to hone their knowledge base as never before.
Embedded in the current outlook are trends that will require superior mastery of the facts, including a greater dependency on cloud computing, the rise of AI (artificial intelligence), blockchain technology and its use in production and the expansion of customizable development of drugs. In fact, this last fact could impact treatments and new drugs to the tune of $717 billion this year alone.
So, coupled with the traditional, pharma sales reps must also be on top of trends that might catapult team successes to new heights. Acknowledging the tried-and-true, at the same time seeing the promises of the future will require a lot of work. Are you, as a sales rep, determined to take on that potentially lucrative task?
Every slowdown means greater hustle
In 2023, for every “slowdown” created by regulation, pricing and insurance, there is the promise of the prospect to find new treatments using artificial intelligence. Sales reps must have the vision to not only maximize their particular opportunities, but to accumulate the knowledge to be conversant in what is right around the corner. To acquire this vision will mean to step outside comfort zones and daily routine.
While no one can anticipate what the year will bring, you must be ready to jump on opportunities. Such a state of sales readiness can only come through having the outlook to appreciate how dynamic the pharmaceutical industry has become.
In addition to what the current picture of the industry may present, mergers and acquisitions along with new product introductions could be a major factor in the year ahead.
What all of this means is that at no time in the history of the pharmaceutical industry has the potential for change and opportunity been this great. However, taking advantage of the shifting dynamic will require the highest degrees of commitment and sheer hustle than has been seen in years.
Focus, obligation and study cannot be taken lightly. However, the rewards are there for those willing to stand up to the challenge.
To reach Scott Burrows, Pharmaceutical Sales Speaker contact Scott today by phone at: 520 – 548 – 1169 or through this website.